CAMARILLO, CA-A pension fund adviser has named the Hendricks & Partners team of Vince Norris, Dean Zander and Spencer Scott to market the 165-unit Alara Camarillo apartment complex, which was developed in 2003 by Archstone. The property, which is being offered debt-free, is located just off the Las Posas Avenue off-ramp near the 101 freeway.

In addition to the core aspect of the property, the Hendricks & Partners brokers cite a number of factors that are expected to add to the appeal for both private and institutional investors, including, strong area demographics, the limited availability of 100+-unit assets, a very restrictive future development pipeline, strong occupancy and the proximity of jobs, shopping, entertainment and other amenities.

“REITs and a handful of other institutional multifamily investors have dominated Southern California’s +100-unit acquisitions in 2010, leaving many large private investors on the sidelines, Norris reports. He describes the Alara as “a class A core offering in a submarket market that hasn’t seen a similar offering since 2007.”

Zander added that the property, which maintains a lease rate in excess of 95%, is strategically located at “Main & Main” with respect to other Camarillo locations, and is one of only four class-A complexes in the city. Among its amenities are full-sized washer and dryers, central air, gated abundant parking (including private garages), a pool, spa, outdoor shower and poolside restrooms, resort size sun deck with outdoor fireplace, gas BBQ’s, fitness center and fully furnished leasing center, and a business center.

Scott notes that the Alara is one of “only a small handful of core l offerings currently on the market.” Alara comprises eight buildings (seven two-story and one three-story) on more than six acres of land located at 390 Paseo Camarillo. Its six floor plans range from 746-square-foot one-bedrooms to 1,043-square-foot two-bedroom units. Of those, 56% are one-bedroom units and 44% two- bedrooms.